The company’s shares are trading about 5.5% higher intra-day at 19 cents after successfully preparing four monoclonal antibodies which have passed all three preliminary screening tests.
Proprietary algorithm to measure cancer risk
Colorectal cancer is the second largest cause of cancer-related deaths in Australia, Europe and the US, and the third largest globally.
ColoSTAT uses antibodies to measure the levels of several proteins in the blood. The concentrations of these proteins in blood have been shown to vary in the presence or absence of colorectal cancer.
When these concentration values are combined using a proprietary algorithm the resultant cancer risk index is compared to a pre-determined threshold value.
An index value above the threshold suggests the patient should progress to colonoscopy for a definitive diagnosis and further intervention as indicated.
Cloning of cells is the next critical step
Successful completion of preliminary screening has triggered the next phase of key reagent development – the cloning of cells that produce the desired antibody specificities.
The success of the cloning step is critical to ensuring that Rhythm has a reliable, long-term source of these key reagents.
Rhythm managing director Dr Trevor Lockett said: “Confirmation that we have antibodies that pass all three pre-screening tests in four of our mixed antibody populations is excellent news for our product development program.
“We expect to know if this next, all important cloning process has been successful by late June 2018”